Symantec announces layoffs
Published: 31 Oct 2008 10:36 GMT
Symantec will lay off an undetermined number of workers before the end of the year as part of a cost-cutting move in the economic downturn, a company spokesman said on Thursday.
The company, which gave guidance on Wednesday that was short of analyst expectations, plans a 4.5 percent cost saving in its workforce budget and will reduce the headcount enough to accomplish that, said spokesman Cris Paden.
Paden said he did not know how many employees would be laid off, but said the layoffs will be global, will vary across geographies and that no specific business units are being targeted.
"We are shooting for a specific [cost savings] figure. So whatever gets us to that figure [will be done]", he said. The goal is to maintain some stability in Symantec's financials "given how unpredictable the economic environment is right now".
Symantec will start alerting employees within the next month, according to Paden.
The move is separate from an ongoing initiative, started over a year ago, to outsource IT operations to EDS, Paden said.
The workforce budget includes costs for salaries, bonuses and benefits for the company's 17,500 employees worldwide.
Credit: Symantec layoffs coming from CNET News
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